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76% of consumers using contactless payments every week – BPFI

Three quarters of consumers say they now use contactless payments at least once a week, according to a survey for the Banking and Payments Federation Ireland.

The survey of 1,000 adults was conducted at the end of April by Coyne Research.

It coincided with the extension of the limit on contactless payments from €30 to €50.

Payments through smartphones are also a fast-growing feature of shopping in Ireland especially among 18-24 year olds who are the biggest adopters of this technology.

The BPFI said a total of 43% of consumers are using their smartphones in shops at least weekly, while 44% of consumers are making payments via online/mobile banking with the same frequency.

But fewer people are banking in branch since the pandemic struck and around one in five said they would use the bank less when the restrcitions are lifted.

44% of those surveyed said they had made payments via online or mobile banking weekly.

Cash withdrawals are down 56%, the survey also reveals.

“The transformation in the banking and payments landscape that was already underway is being accelerated by Covid-19 as consumers fast change their behaviour towards technology and move away from traditional banking and payments activities,” Brian Hayes, BPFI’s chief executive, said.

“The pandemic is undoubtedly fuelling a change in consumers behaviour toward digital payments and online banking and away from branches,” he added.